South African billionaire Johann Rupert’s luxury conglomerate, Richemont, has announced the sale of Swiss watchmaker Baume & Mercier to Italy’s Damiani Group, in a surprising move that reshapes the ownership of one of the world’s oldest luxury watch brands.
The transaction is expected to finalize by summer 2026, pending customary conditions, though financial terms have not been disclosed. Richemont confirmed it will continue supporting Baume & Mercier’s operations for 12 months post-sale to ensure a smooth transition.
Damiani, a family-owned jewellery and luxury group, plans to expand Baume & Mercier’s global presence through its multi-brand distribution network and by gradually opening select mono-brand boutiques in strategic locations worldwide.
A Historic Watchmaker
Founded in 1830, Baume & Mercier is one of the world’s oldest continuously operating watchmakers. The brand is known for its accessible luxury watches, strong European presence—particularly in Italy—and reliance on wholesale partners. Baume & Mercier joined Richemont in 1988 as a founding brand of the luxury group.
Richemont, headquartered in Switzerland and founded by Rupert the same year, reported €21.4 billion ($25.1 billion) in revenue in 2025. The group owns a portfolio of major jewellery, watch, and fashion brands, including Cartier, Van Cleef & Arpels, IWC Schaffhausen, and Montblanc.
Founded in 1924 in Valenza, Italy, Damiani is best known for its gold and gem-set jewellery. The group returned to private, family-led ownership in 2019 and operates a global network of boutiques and franchises, with Italy remaining its largest market.
This acquisition signals a new chapter for Baume & Mercier, combining historic Swiss watchmaking expertise with Damiani’s international jewellery and luxury network.
